By, Surabhi Ashok
As of June 2022, the wealthiest person in New Jersey is John Overdeck, the co-founder and co-chairman of Two Sigma. With a real time, net worth of $6.5 billion, he is the 364th richest person in the world today and 147th richest American as of September of last year according to the 400 Forbes List.
Overdeck co-founded Two Sigma, a research-driven hedge fund that predicts the prices of investment securities, which are bonds and shares that create profit from interest and dividend payments of these investments. A hedge fund like Two Sigma borrows money from its clients and invests it in financial markets, making bets that the market will increase or decrease. If their speculation is well placed, the hedge fund achieves a big return and takes commission and fees from its clients for its management of their money. On the other hand, there is also a high possibility of risk and loss for both the company and its clients.
With $60 billion in assets, the company also invests in real estate and owns a Bermuda reinsurance company among other ventures.
In addition, the 52-year-old billionaire has donated $195 million to his charity, Overdeck Family Foundation, which seeks to enhance education programs and research. Despite having given away only 1% to 4.99% of his wealth for effective philanthropic purposes, the Overdeck Family Foundation launched the New Jersey Tutoring Corps in a partnership with the New Jersey Pandemic Relief Fund. The NJ Tutoring Corps is a tutoring program specifically designed in the past year in the effort to assist students directly impacted by the pandemic and its hindrance of learning.
John Overdeck, who lives in Millburn, New Jersey with a wife and three kids, has both a Bachelor of Science in Mathematics and Master of Science in Statistics from Stanford University. He even participated in the International Mathematical Olympiad at 16 years old and won a silver medal.
Having more than doubled his net worth from 2016 to 2022, Overdeck has made quite a reputation for himself. While fellow billionaire Rocco Commisso takes a higher spot on the Forbes 400 list from 2021, Commisso has since cut his net worth by almost half, making Overdeck the new wealthiest man in New Jersey.
Source: https://www.forbes.com/forbes-400/ | https://www.forbes.com/profile/john-overdeck/?list=forbes-400&sh=28c42c743740
https://www.accountingtools.com/articles/investment-securities | https://overdeck.org/ | https://www.forbes.com/profile/rocco-commisso/?list=forbes-400&sh=5d42980d23ff
Who is the Wealthiest Person in New Jersey?
By, Surabhi Ashok